Ethereum traders may have to sit tight this weekend as ETH fails to…
Ethereum's total value locked (TVL) ETH 2.0 deposit contracts reached an all time high as of 19 May. However, ETH's price action wasn't at its best and still managed to stay under the spell of the bears.
Ethereum’s [ETH] price trajectory of the last 30 days has been nothing short of disappointing. ETH traded at $1,966 on 19 April and stood 8.66% lower at $1,813 at the time of writing. However, that didn’t stop ETH from making progress on other fronts.
One such development was highlighted by glassnodealerts. The total value locked (TVL) in ETH 2.0 Deposit Contracts reached an all-time high as of 19 May. However, will this development give ETH’s price a much-needed boost?
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of $38,940,216,407.02
Previous ATH of $38,929,153,051.50 was observed on 06 May 2023
View metric:https://t.co/1ezmu1GKcj pic.twitter.com/W4tQPG9GUR
— glassnode alerts (@glassnodealerts) May 19, 2023
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Bear relief squad on the way
As per a recent CryptoQuant analysis, by Woominkyu, a rise in the Deposit Contracts could act in favor of ETH’s price in the near future. As per the analyst, the rise in the deposit contract symbolized the ongoing participation of validators preparing for Ethereum 2.0.
Despite the analysis favoring a bullish narrative in the days to come, ETH’s press time price trajectory didn’t favor the bulls or the bears. Although ETH was exchanging hands in the green, its Relative Strength Index (RSI) stood at 44.73 at the time of writing. The lack of buying pressure was evident despite the RSI tilting slowly toward the neutral line.
Additionally, although the Awesome Oscillator (AO) flashed green below the zero line, the Moving Average Convergence Divergence (MACD) moved otherwise. The MACD indicator still showed the signal line (red) moving above the MACD line (blue). This was an indicator that the bears still managed to gain control of the market.
However, considering the placement of both the signal and MACD line, a reversal in trend could occur in the presence of some buying pressure.
An ordinary sight over here
Data from the intelligence platform Santiment also didn’t exactly paint a positive picture for the king of altcoins. At press time, development activity on the ETH network stood at 48.98, after witnessing a drop over the last few days.
Furthermore, the weighted sentiment also stood at -1.418 and witnessed a drastic drop on 15 May and moved sideways since then. ETH’s network growth also witnessed a gradual downfall over the last couple of days. These signs didn’t paint a great picture for ETH.
To add to the aforementioned sentiment, data from coinglass also didn’t favor the position of long-term holders. As per the chart given below, at the time of writing, short-term ETH holders overpowered the position of long-term ETH holders.
Read Ethereum’s [ETH] Price Prediction 2023-24
51.27% of traders held short positions, whereas 48.73% of traders held long positions.
However, data from LunarCrush, stated that ETH ranked #2 on the social engagements front over the last week.
Here are the top ten coins by social engagements over the past week:$btc #Bitcoin $eth #Ethereum $pepe #pepecoin $doge #Dogecoin $bnb #BinanceCoin $sol #Solana$ltc #Litecoin $shib #ShibaInu $cake #pancakeswap$ada #Cardano
Social Insights: https://t.co/flocI9jDEP pic.twitter.com/ArGZPzqoOb
— LunarCrush (@LunarCrush) May 19, 2023
Despite various developments that stood in favor of ETH, the altcoin failed to break from its bear spell. Traders would thus, have to tread carefully over the weekend and see what the new week brings in for the altcoin.
